Matt Templeton of Keller Williams Urban Dallas regularly educates Realtors on how to make the most of the current market. (Courtesy Photo)
By Matthew Templeton
KW Urban Dallas
It feels like there have been fundamental shifts in the real estate industry within the last few months. Technology is the buzz word, money is being thrown around, and CEOs of just about every top real estate-related company are out. The last few weeks’ news sums up that feeling.
September 2018: Compass closes another funding round for $400 million — money used to build more software and buy more agents.
And then …
February: Rich Barton (billionaire co-founder of Expedia and Zillow) takes the reins from Spencer Rascoff, who was CEO at Zillow for nine years.
February: Keller Williams rolls out the first artificial intelligence and data-driven platform in the real estate industry — others have been clamoring to follow
February: RE/MAX says [sic] “Our amazing technology is coming, and it will be best in class,” and makes a technology acquisition, Booj.
Last Week: Data-driven Opendoor will now show listings from rival brokerages and offer Redfin-like rebates.
Last Week: NTREIS Board holds a vote on whether to sell greater data access to Zillow. April will be a reckoning month for North Texas Realtors and their data.
We’ve moved into a new real estate era that is faster paced and increasingly powered by technology and data — more than ever before. But there’s something else afoot. It’s eerily similar to what happened with the dot-com bust. Real estate technology companies are flush with capital — in fact, 2018 was a banner year for real estate technology investment.
And yet many of the top “technology” or “platform” companies in the industry are not profitable.